Bats Remains Largest US Exchange for ETFs in July, Volumes Retreat Post-Brexit

Bats solidified its status in the US and Europe as one of each bloc's paramount exchange operators in July.

BATS Global Markets (Bats) has reported its latest monthly volumes and market share for July 2016, retaining its spot as one of the largest exchanges in the US market and in exchange-traded-funds (ETFs), per a recent Bats statement.

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Bats’ business again saw a strong month during July 2016, which was indicative of its overall market share – the exchange saw a total market share of 20.4%, rising marginally MoM from 20.3% MoM in June 2016, making it the second largest US equities market operator. In terms of ETFs, Bats executed a total of 23.8% of trades, making it the largest US market operator for this instrument in July 2016.

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Additionally, the exchange reported its trading figures in July 2016, with its average daily matched volume coming in at 1.35 billion shares, compared with 1.54 billion shares in June 2016, or -12.3% MoM. The primary explanation for this decline lies with the return of lower volatility that took place in the weeks following the Brexit referendum, which caused a surge of volumes in June.

Delving further into the figures, Bats also saw an average daily matched volume of 1,616,116 across its US equities options during July 2016, down from 1,919,507 in June 2016, or -15.8% MoM.

European Snapshot

Looking over to its European business, Bats Europe rose to a 23.1% market share in June 2016, en route to the distinction of Europe’s largest stock exchange, with an average daily notional value reported registering $11.3 billion (€10.1 billion) vs. $13.9 billion (€12.4 billion) or -18.5% MoM. This tend was also extended to Bats BTXR, which executed a total of $386.2 billion (€345.9 billion) of notional volume in July 2016, compared to $478.8 billion (€428.8 billion) in June 2016, or -19.3% MoM.

Earlier this month, Hotspot, Bats’ institutional spot foreign exchange (FX) market, saw its volumes decline in terms of average daily volumes, reporting $26.2 billion daily, falling -9.0% MoM from $28.8 billion daily. Looking at the monthly total number, the figure stood at $551.0 billion, which is lower by -13.0% when compared to $633.4 billion in June 2016.

  • EUR/USD: 23.4%
  • USD/JPY: 18.3%
  • GBP/USD: 12.7%
  • AUD/USD: 7.8%
  • USD/CAD: 7.5%
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